Securities Lawyers Blog

Broker Donald Mcfarland in Centaurus Financial, INC. Firm Has Customer Complaint

April 23, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Donald Mcfarland (Mcfarland), previously associated with Centaurus Financial, INC., has at least one disclosable event. These events include one customer complaint, alleging that Mcfarland recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on July 12, 2024.

The customers allege that in 2008 through 2021, the Registered Representative recommended and misrepresented a high-risk, and unsuitable annuity and breached his fiduciary duty.

There are Recent Customer Complaints with Broker Norman Meyer in Firm Ni Advisors / Vestech Securities, INC.

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Norman Meyer (Meyer), currently associated with Ni Advisors / Vestech Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Meyer recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $650,000.00 on July 18, 2024.’, ‘Unsuitable investments in variable annuities and non-traded REITS. Basic statements received from investments.

Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.

Broker Adrian Munoz in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adrian Munoz (Munoz), previously associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Munoz recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on July 20, 2024.

The customer alleges failure to follow instructions related to the investment of funds from a rollover.

Broker Stanley Schofield in Nylife Securities LLC Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stanley Schofield (Schofield), currently associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Schofield recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on July 17, 2024.

The Customer alleged he received poor advice when he purchased variable annuities in November 2022, June 2023, and March 2024, which led to losses. The customer seeks a return of principal without surrender charges

Broker Robert Reich in Nylife Securities LLC Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Reich (Reich), currently associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Reich recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on July 17, 2024.

The Customer alleged he received poor advice when he purchased variable annuities in November 2022, June 2023, and March 2024, which led to losses. The customer seeks a return of principal without surrender charges.

Broker Varshil Sanghavi in Newbridge Securities Corporation Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Varshil Sanghavi (Sanghavi), previously associated with Newbridge Securities Corporation, has at least one disclosable event. These events include one customer complaint, alleging that Sanghavi recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $50,000.00 on July 19, 2024.

Breach of contract, breach of fiduciary duty, violation state securities statues, and vicarious liability.

Broker Felipe Colon in LPL Financial LLC Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Felipe Colon (Colon), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one customer complaint, alleging that Colon recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $500,000.00 on July 22, 2024.

Customer alleges during the time period 2015-2024, representative recommended investments that were unsuitable for the customer’s investment profile and risk tolerance.

There are Recent Customer Complaints with Broker Wilson Kwok in Firm Wells Fargo Clearing Services, LLC

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Wilson Kwok (Kwok), currently associated with Wells Fargo Clearing Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Kwok recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on July 17, 2024.

Claimant alleges that from 2022, the FA breached his fiduciary duty by recommending unsuitable investments and misrepresenting the nature of those investments.

Broker Scott Taubman in Ameriprise Financial Services, LLC Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Scott Taubman (Taubman), previously associated with Ameriprise Financial Services, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Taubman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on July 19, 2024.

Without admitting or denying the findings, Taubman consented to the sanction and to the entry of findings that he borrowed $62,500 from two senior customers, without prior notice to or written approval from his member firm. The findings stated that the terms of the loans were not documented. The customers were not immediate family members or a financial institution. Taubman firm learned of the loans and conducted an investigation, during which Taubman confirmed that he had received, in total, approximately $100,000 from the customers. Taubman did not repay the loans. When Taubman filed a Chapter 7 bankruptcy petition, he disclosed the debt as a personal loan, and he obtained a discharge of his indebtedness. The findings also stated that Taubman falsely attested in his annual compliance questionnaires that he was in compliance with his firm’s policies and procedures.

Broker Kitty Stough in Nylife Securities LLC Firm Has Customer Complaint

April 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kitty Stough (Stough), currently associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Stough recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on July 22, 2024.

The Customer alleges he was misled regarding the cost of a rider when he purchased his variable annuity in February 2020.